Flexible repayment terms give you room to maneuver.
Borrow up to $5 million
Generous term lengths
Work with local lenders
It's clear why this program is so popular.
The SBA 7(a) program has provided countless Oklahoma small businesses with a financial shot in the arm. Though these are government-backed loans, you work directly with local BancFirst lenders to obtain working capital or affordable financing for everything from business expansion to equipment purchases.
- Loans up to $5 million
- Loan terms of up to 7 years for working capital, up to 10 years for machinery and equipment, and up to 15 years for real estate
- Financing for up to 90 percent of project costs
- For collateral, BancFirst typically requires a first lien on the assets being acquired. If necessary, personal assets may be required as additional collateral.
Over 98% of all businesses are eligible for SBA 7(a) loans, which can also be used for refinancing and debt reduction. Primary requirements include:
- Retail: Less than $6 million in annual sales
- Wholesale: Fewer than 100 employees
- Manufacturing: Fewer than than 500 employees